Property in Blackpool booms

Prices for property in the seaside resort of Blackpool increased by some 4.1 per cent during 2007, according to research from Email4Property.com.

The organisation – which links local estate agents local estate agent websites into a national database – finds the average property in the town cost £125,599 in 2007.

This is up from £120,643 during 2006 – and represents an increase of 4.1 per cent.

Interestingly, the research also finds the minimum prices for a property in the town has increased from £15,000 to £25,000 over the course of last year.

In comparison the most expensive property sold in Blackpool increased from £630,000 to £900,000 – an increase of some 41 per cent.

Email4Property also finds terraced homes proved to be the most popular properties with homebuyers in Blackpool - making up 50.5 per cent of sales in 2007 and 48.3 per cent the previous year.

"Homebuyers in Blackpool have long favoured traditional terraced homes, many of which are conveniently located in the streets leading from the seafront into the town centre, and around Blackpool hospital," David Bexon, managing director of Email4Property.

"Sales of terraces have constantly outstripped other property types, although the average price of £109,415 falls well under the national average and stamp duty threshold of £125,000."

Terraced properties saw prices increase by an above average 4.8 per cent, while, in contrast, detached homes showed the weakest level of price growth in 2007, with prices up by just 1.7 per cent.

However, the total number of sales in the town has seen a sharp downturn.

Some 3,781 properties were sold in 2006, but just 2,704 sales were completed last year – a drop of 28.5 per cent.